Prulife multiplier need advise

[rainforest]

Hi, just offered this ins:
Prulife multiplier
yearly premium $1119.3 (monthly $95.14)
cover $90K WL
$90K TD
$75K CI
pay 15 years premium
cover for 35 years.
36 (ie 64 years old)years onwards reduce to $60K coverage each.
at year 15 premium fully paid, surrender cash value $26K guaranteed.
Comments and advises needed. I will top up with a term plan. Thanks.

 

[kebinu]

what kind of advice do you want?

 

[rainforest]

pros and cons. The premium is not guaranteed during payment period.

 

[JoePilot]

You may have misunderstood the benefits.
After age 65, TPD cover ceases.
Death cover and CI cover reduce to 30k each. Death and CI cover is whole of life.

 

[JoePilot]

After 15 yrs, total outlay is $16800. It's impossible to have guaranteed cash surrender value of $26k.
U might wanna take another look at the BI.

 

[RockyHero]

Hi, just offered this ins:
Prulife multiplier
yearly premium $1119.3 (monthly $95.14)
cover $90K WL
$90K TD
$75K CI
pay 15 years premium
cover for 35 years.
36 (ie 64 years old)years onwards reduce to $60K coverage each.
at year 15 premium fully paid, surrender cash value $26K guaranteed.
Comments and advises needed. I will top up with a term plan. Thanks.

Imo if you like multiplier whole life plan, TM asia legacy lifetime/ AXA essential life will be the best. Both are limited premium and has multiplier for early CI and death with both coverage for your entire life, which makes it very worthwhile and affordable. TPD for AXA stops at 65 TM 70

Otherwise for cheaper protection, go for pure term insurance and invest the rest. Good luck and pm me if you need more help

 

[bigmice]

Hi, just offered this ins:
Prulife multiplier
yearly premium $1119.3 (monthly $95.14)
cover $90K WL
$90K TD
$75K CI
pay 15 years premium
cover for 35 years.
36 (ie 64 years old)years onwards reduce to $60K coverage each.
at year 15 premium fully paid, surrender cash value $26K guaranteed.
Comments and advises needed. I will top up with a term plan. Thanks.

TM is the cheapest, but mutiplier is small
GE is expensive than TM, but mutiplier is 3

 

[Lifeisgreat91]

TM is the cheapest, but mutiplier is small
GE is expensive than TM, but mutiplier is 3

haha you were at the product launch?
the multiplier is good, but the returns are slightly less then regular wl

 

[MultiplyYourWealth]

Why all the hype about all the 'multiplier effect' of sum assured?

Did they state it is free? I believed you are paying for the mortality charges hidden behind the policy. It is marketed in such a way to create a "value-for-money" effect, which in fact is not.

Just get a term.

 

[RockyHero]

TM is the cheapest, but mutiplier is small
GE is expensive than TM, but mutiplier is 3

FYI the multiplier effect for TM last for whole life for death and early ci, by the way the plan i'm referring to is TM legacy lifetime, legacy plus is the older version


Generally one should look at the coverage for early CI if you are buying whole life

Term insurance if you only want coverage for life and death

 

[RockyHero]

Why all the hype about all the 'multiplier effect' of sum assured?

Did they state it is free? I believed you are paying for the mortality charges hidden behind the policy. It is marketed in such a way to create a "value-for-money" effect, which in fact is not.

Just get a term.

You are right to say buy term if you are looking for pure death and tpd coverage, but if you are looking for cheaper and lifetime early CI coverage, the multiplier effect which last for a lifetime in the tm legacy lifetime is worthwhile for it's limited number of years premium.

 

[MultiplyYourWealth]

I don't have the illustration to do some calculation, but a quick search shows Tan Kin Lian saying this:

https://www.facebook.com/kinlian/posts/563162630423060

The TM Legacy Lifetime from Tokio Marine is supposed to be a hot seller, as it appeared to give a better return than other life insurance policies. I found the return to be rather low, due to the high "Effect of Deduction".
I have given a rating of "AVOID' to this policy. An explanation is shown here:
Onyx

I do not wish to go through another bout on why whole life policies might not be as good as it seems.

 

[RockyHero]

I don't have the illustration to do some calculation, but a quick search shows Tan Kin Lian saying this:

https://www.facebook.com/kinlian/posts/563162630423060



I do not wish to go through another bout on why whole life policies might not be as good as it seems.

He is right, there is no point treating a whole life plan as a form of savings. I don't think he is aware of the early CI coverage for lifetime this plan provides.

The reason why this plan is good is because of the the lifetime multiplier effect for both death and ci. This plan is worth buying for protection, not savings. It's hard for me to explain here but i am not and never will be advocating whole life plan for retirement and savings purpose although the plan does accumulate cash value.

 

[MultiplyYourWealth]

I don't believe in covering after retirement age, much less a whole life.

There is no one who is going to experience financial hardship when i pass on after i retire as family income should be stable.

There'll come to a point where you'd probably get many times more than the payout by self insuring.

 

[IFAadvisor]

Hi, just offered this ins:
Prulife multiplier
yearly premium $1119.3 (monthly $95.14)
cover $90K WL
$90K TD
$75K CI
pay 15 years premium
cover for 35 years.
36 (ie 64 years old)years onwards reduce to $60K coverage each.
at year 15 premium fully paid, surrender cash value $26K guaranteed.
Comments and advises needed. I will top up with a term plan. Thanks.

Hi Rainforest,

You may treat such multiplier plan from insurer companies as buying a whole life plan with a reducing term till age 65 or 70.

Such plans provides a good increase of coverage against traditional life plans. Rational of this plan, as most people will incur most debts and liabilities from 20-40 plus. It give you the boost during this period like having a term plan but drop off only you reach 65 or 70, but by then the participating policy may acquire a value close to the multiplier value. So unlike a term plan which may end at a certain period, this policy continues to cover at no cost, since you have serviced it in your younger days.

Tokio Marine has launched a new plan called, legacy lifetime, it provides multiplier effect for a lifetime instead of the market to age 65.
Its contract increase TPD coverage to age 70, market is up to age 65.
CI premium is guaranteed
Able to add Early CI coverage to life plan, same limited payment but lifetime coverage for early CI

 

[AhBui168]

Recently I consult my agent regarding this plan PRUlife multiplier...

For 25 years
Sum amutre 100k after multiplier 300k
Add on early ci rider 250k

Months premium $260+

So is it worth to buy?! Pls advice!

 

[OngHuatHuat]

I cancelled almost all riders coverage and early stage coverage to reduce the premium

Yearly premium 3 k for 100 k coverage.
Limited pay 10 years but cover till 65 years old.

 

[Lewis.T]

I cancelled almost all riders coverage and early stage coverage to reduce the premium

Yearly premium 3 k for 100 k coverage.
Limited pay 10 years but cover till 65 years old.

Huh? Whole life plan right? It covers for the whole of your life..

 

[OngHuatHuat]

65 years old can surrender and get all the sum assured already

Huh? Whole life plan right? It covers for the whole of your life..

 

[henrylbh]

To buy WL and hold till end it a little

To surrender it even at later stage